Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karanja Terminal & Logistics Private Limited, citing a default of INR 330,40,24,498.23 as of 30.08.2024. The default was triggered on 11.06.2021 when the loan accounts were classified as Non-Performing Asset (NPA).
Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Karanja Terminal & Logistics Private Limited.
The claimed default amount is INR 330,40,24,498.23 as of 30.08.2024, with the date of default being 11.06.2021.
The Corporate Debtor requested One Time Restructuring (OTR) under the Resolution Framework for COVID-19 related Stress, which was sanctioned by Canara Bank.
The Corporate Debtor failed to honor the debt obligations under OTR and defaulted towards repayment of principal and interest.
The Corporate Debtor argued that the sanctioned loan of INR 480 crores was not fully disbursed, causing financial hardships.
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Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karanja Terminal & Logistics Private Limited, citing a default of INR 330,40,24,498.23 as of 30.08.2024. The default was triggered on 11.06.2021 when the loan accounts were classified as Non-Performing Asset (NPA).
Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Karanja Terminal & Logistics Private Limited.
The claimed default amount is INR 330,40,24,498.23 as of 30.08.2024, with the date of default being 11.06.2021.
The Corporate Debtor requested One Time Restructuring (OTR) under the Resolution Framework for COVID-19 related Stress, which was sanctioned by Canara Bank.
The Corporate Debtor failed to honor the debt obligations under OTR and defaulted towards repayment of principal and interest.
The Corporate Debtor argued that the sanctioned loan of INR 480 crores was not fully disbursed, causing financial hardships.
…Date of incorporation…
Date of Common Loan…